The Intracoastal Waterway: How do you know what it’s worth? (Part 3)
In The Intracoastal Waterway: How do you know what its worth I discussed the importance of Land when evaluating waterfront property and in ICW: How Do you know what its worth (Part 2) I discussed the importance of Improvements on the Land. In this post I will be discussing the last valuation method to determine true value of an Intracoastal Waterway Property.
Homes on the Intracoastal are a very eclectic mix of old and new, fancy and basic, large and small. I have sold several ICW homes over 100 years old, one as recent as 2012 and another Intracoastal waterfront home built in 1865. Both of these are of very high quality construction and will probably survive for another 100 years while many of the homes built from the 50’s through 80’s are already functionally obsolete or have little or varying value based on size, floor plans, construction and location. Keep in mind that buyers don’t purchase a $700,000 lot to live in a $200,000 house. So what is such a property worth: $700,000, $900,000 or $675,000? Every property must be carefully evaluated on its own merits but as you can see, it’s not just a matter of homes selling for so much square feet on the Intracoastal Waterway.